GE to Record $115 Million Expense for Asbestos Claims

By

Kathryn Kranhold

Updated Feb. 17, 2007 12:01 a.m. ET

General Electric Co. said it will record a $115 million after-tax expense in the first quarter after losing a decade-long battle with its insurers over payments for thousands of asbestos-related claims.

In a decision released this week, the New York State Court of Appeals upheld lower-court rulings preventing GE from tapping secondary insurance to cover claims brought mostly by individuals exposed to asbestos-insulated turbines. The...